Citigroup announced that Robert Rubin has retired as Senior Counselor effective Friday and will finish out his term as a director on the company's board.

Chief Executive Vikram Pandit said Rubin will be available as a sounding board and resource for me and for the company.

Rubin briefly served as Chairman of the company during the current financial crisis. He was formerly Treasury Secretary under President Bill Clinton. He had bee

This is not a decision that I have come to lightly, Mr. Rubin said.

But as I enter my 70's and with all that is now in place at Citi, I believe the time has come for me to make these changes.

Before working in Washington, he had served 26 years at Goldman Sachs & Co.